News: WBC Westpac Says Expects To Report Lower Cash Earnings In 1H20

April 14 (Reuters) - Westpac Banking Corp (WBC) :

• HY STATUTORY NET PROFIT AFTER TAX WILL ALSO BE REDUCED BY PROVISIONS, WRITE-DOWNS
• WESTPAC EXPECTS TO REPORT LOWER CASH EARNINGS IN 1H20
• EXPECTED NEW, INCREASED PROVISIONS & ASSET WRITE-DOWNS TOTALLING AROUND $1,430 MILLION AFTER TAX WHICH WILL REDUCE FIRST HALF 2020 CASH EARNINGS
• UNDERTAKING DETAILED ANALYSIS TO FINALISE ITS IMPAIRMENT PROVISIONS FOR 1H20
• IMPACT OF ITEMS DISCLOSED ON WESTPAC'S CET1 CAPITAL RATIO ESTIMATED TO BE AROUND 30 BASIS POINTS
• EXPECTED ITEMS FOR H1 INCLUDE PROVISIONS AND COSTS ASSOCIATED WITH AUSTRAC PROCEEDINGS AND RESPONSE PLAN OF $1,030 MILLION AFTER TAX
• EXPECTED ITEMS FOR H1 INCLUDES INCREASE IN PROVISIONS FOR CUSTOMER REFUNDS, REPAYMENTS AND LITIGATION OF AROUND $260 MILLION AFTER TAX
• A DECISION ON 1H20 DIVIDENDS EXPECTED TO BE ANNOUNCED WITH WESTPAC'S 1H20 RESULTS
• EXPECTS TO MAKE A PROVISION OF $900 MILLION FOR ITS POTENTIAL LIABILITY IN RELATION TO AUSTRAC CLAIM
• HY IMPAIRMENT CHARGE LIKELY TO INCLUDE COLLECTIVE PROVISION INCREASE TO LIFT TOTAL PROVISION BALANCE FOR CREDIT LOSSES EXPECTED FROM COVID-19